Leed Resources Regulatory News (LDP)

17 Sep 2007 07:00

Leed Petroleum PLC17 September 2007 LEED PETROLEUM PLC ("Leed" or the "Company") Operational Update London, 17 September 2007 - Leed Petroleum PLC, an oil and gas exploration andproduction company focused on the Gulf of Mexico, today announces that theCompany has commenced drilling on it's Eugene Island Block 183/184 property. The Eugene Island A-6 development well was spudded on 16 September 2007 anddrilling operations are now underway. This follows the announcement of 28 August2007 regarding the signing of a contract for Ensco Rig 98 for a multiple welldrilling programme. The A-6 well is expected to reach total depth by December2007 and the results of the drilling will be announced in due course. The Eugene Island Blocks are located 50 miles offshore, south of Morgan City,Louisiana in the Gulf of Mexico in approximately 80 feet of water. Leed'smanagement team has built an inventory of development projects and explorationtargets across the Eugene Island Block 183/184 field. Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented: "We are pleased to announce commencement of drilling operations in the EugeneIsland 183/184 field. This is an important first step in developing thenon-producing assets in the Company's portfolio and reflects the implementationof a Leed strategy of increasing production through exploitation of proven andprobable reserves." Enquiries: Leed Petroleum PLC +1 337 314 0700Howard Wilson, Chief Executive Matrix Corporate Capital LLP +44 20 7925 3300Alastair StrattonTim Graham Pelham Public RelationsAlisdair Haythornthwaite +44 20 7743 6676Evgeniy Chuikov +44 20 3008 5506 NOTES TO EDITORS Operations Leed's operations are predominantly concentrated in the Gulf of Mexico. TheCompany operates through three subsidiaries3/4LPUS Inc., LPH LLC and LP LLC.Through LP LLC, the Group holds operating interests in Eugene Island Block 183and the southern half of Eugene Island Block 184, the Grand Isle Assets, theSouth Marsh Island Assets, the Sorrento Field Asset and the Ship Shoal Asset aswell as non-operating interests in the East Cameron Assets, the Main Pass Assetsand Eugene Island Block 172 and the northern half of Eugene Island Block 184. The Eugene Island Assets (other than Block 172), the East Cameron Assets and theMain Pass Assets are producing fields located off the coast of the state ofLouisiana in the Gulf of Mexico. Information contained in this announcement may include "forward-lookingstatements" which are based on current expectations and assumptions and involveknown and unknown risks and uncertainties that could cause actual results,performance or events to differ materially from those expressed or implied insuch statements. It is believed that the expectations reflected in thesestatements are reasonable, but they may be affected by a number of variableswhich could cause actual results or trends to differ materially. Eachforward-looking statement speaks only as of the date of this announcement.Except as required by the AIM Rules, the London Stock Exchange or by law, theCompany disclaims any obligation or undertaking to release publicly any updatesor revisions to any forward-looking statements contained herein to reflect anychange in the Company's expectations with regard thereto or any change inevents, conditions or circumstances on which any such statement is based. Information contained in this announcement cannot be relied upon as a guide tofuture performance. This information is provided by RNS The company news service from the London Stock Exchange